News The African Way

MTN Gets Final Approval To Operate Payment Service Bank in Nigeria

By Iliya Kure

Momo Payment Service Bank Limited (MTNs Digital Financial Platform), has received final approval from the Central Bank of Nigeria (CBN) to commence operations.

Payment Service Bank (PSBs) are designed to leverage mobile and digital channels in order to enhance financial inclusion and stimulate economic activities in rural areas through the provision of financial services.

The announcement of the approval was contained in a statement issued to journalists by the company’s Secretary, Uto Ukpanah, on Monday.

CBN had granted the firm approval in principle to operate in November 2021.

The statement read, “We refer to our notification issued on 5 November 2021 in which we communicated receipt of the approval in principle from the CBN for Momo PSB.

“MTN Nigeria Communications Plc announces the receipt of a letter dated 8 April 2022 from the CBN addressed to Momo PSB conveying final approval to commence operations.

“The date of commencement will be communicated to the CBN in accordance with its requirements.

“MTN Nigeria affirms its commitment towards the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and we are excited at this opportunity to support its fulfilment.”

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